Clark Nevada Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• County: Clark
• Control #: US-OG-940
• Format: Word; Rich Text

Description

This form is an assignment of overriding royalty interest for a non-producing, single lease with reserves the right to pool. Clark Nevada Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that outlines the transfer of a specific portion of an oil and gas lease's royalties to another party. This type of assignment is applicable when the lease is not currently producing any oil or gas. It grants the assignee the right to receive royalty payments once production commences on the leased property. In this assignment, the overriding royalty interest is assigned for a single lease located in Clark County, Nevada. The assignor, usually the owner or tenant of the lease, transfers a percentage or a specific fraction of their royalty interest to the assignee. The assignee becomes entitled to their designated part of the royalties generated by the lease. One important feature of this assignment is that it reserves the right to pool the affected lease. Pooling refers to the combining of two or more leases or mineral interests into a single unit, optimizing the extraction of oil and gas resources. When pooling is allowed, the assignor relinquishes the right to object or challenge the inclusion of their lease in an unitized pool, ensuring the assignee's royalty interest remains intact. There are no specific variations or types of this Clark Nevada Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) mentioned. However, it is worth noting that different leases and assignments may have varying terms, percentages of assignment, and specific conditions for pooling. Keywords: Clark Nevada, Assignment of Overriding Royalty Interest, Non-Producing, Single Lease, Reserves Right to Pool, oil and gas lease, royalties, transfer, assignor, assignee, royalty payments, production, property, pooling, unitized pool, mineral interests.

Clark Nevada Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that outlines the transfer of a specific portion of an oil and gas lease's royalties to another party. This type of assignment is applicable when the lease is not currently producing any oil or gas. It grants the assignee the right to receive royalty payments once production commences on the leased property. In this assignment, the overriding royalty interest is assigned for a single lease located in Clark County, Nevada. The assignor, usually the owner or tenant of the lease, transfers a percentage or a specific fraction of their royalty interest to the assignee. The assignee becomes entitled to their designated part of the royalties generated by the lease. One important feature of this assignment is that it reserves the right to pool the affected lease. Pooling refers to the combining of two or more leases or mineral interests into a single unit, optimizing the extraction of oil and gas resources. When pooling is allowed, the assignor relinquishes the right to object or challenge the inclusion of their lease in an unitized pool, ensuring the assignee's royalty interest remains intact. There are no specific variations or types of this Clark Nevada Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) mentioned. However, it is worth noting that different leases and assignments may have varying terms, percentages of assignment, and specific conditions for pooling. Keywords: Clark Nevada, Assignment of Overriding Royalty Interest, Non-Producing, Single Lease, Reserves Right to Pool, oil and gas lease, royalties, transfer, assignor, assignee, royalty payments, production, property, pooling, unitized pool, mineral interests.